Bank of America gained as much as 35% after regulatory filings showing Chief Executive Officer Kenneth Lewis and five directors bought more than 500,000 shares yesterday.

Lewis bought 200,000 shares of the bank yesterday at prices ranging form $5.98 to $6.06, while director Robert Tillman also bought 200,000 shares for $5.77 to $5.78, according to a filing today.

Temple Sloan Jr., lead director of the bank, bought 41,800 shares. Buyers also included William Barnet III, Jacquelyn Ward and John Collins.

The company declined to comment on the stock purchases, spokesman Scott Silvestri said.

The stock was up $1.58, or 31%, to $6.68 at the close of regular trading today.

The average big bank stock rebounded 15% today, and the rally in financial issues helped boost the broader market. The Dow Jones industrial average gained 279.01 points, or 3.5%, to 8,228.10 after slumping 4% on Tuesday.

Traders said financial issues got a boost in part from "short covering" -- buying by traders who had previously borrowed the shares and sold them, betting on falling prices. As the stocks turned up some of the shorts rushed in to close out their bets.